Tax Prep Tips for the Procrastinator

This post is for the millions of Americans who wait until the final days to prepare and file their federal income tax returns. I am one of them, although strategically so. I haven’t received a refund in years, so I run a preliminary income tax obligation assessment in the beginning of December. Using that, I adjust my withholding from my final paychecks of the year, to make sure that I don’t incur an under-withholding penalty. After that, I periodically add data to the return as year-end statements are received. But I don’t finalize and file the return until the last day, because I am in no hurry to send the final installment on the sickening amount of taxes the government extracts from Mr. and Mrs. ToughMoneyLove. Read more